Good morning, friends. Once again, energy news, efforts to localize industry, and earnings from some of the country’s biggest companies are driving the local business news cycle. Many of you will soon be setting off for the office, so let’s jump right in.

WATCH THIS SPACE-

#1- Electricity prices to rise by an average of 30% next month: The Electricity Ministry has completed its study on increasing electricity prices, with plans to introduce the hike in September following cabinet approval, a ministry source told Enterprise. Prices will rise by an average of 30%, with higher consumption households set for larger increases and lower consumption households in line for smaller price hikes. Production cost has risen from EGP 1.65 per KW to EGP 2.35, the source added.

Remember: Earlier this summer, an Electricity Ministry source told us that the government had decided to postpone any hikes to electricity prices until September as it wanted to put off any price hikes until it had resolved the electricity crisis. The government is working on a plan to phase out electricity subsidies over the course of the next four years.

#2- WiFi calling coming soon to a mobile phone near you: The country’s mobile network operators are testing out the WiFi calling services, which would allow mobile phone owners to make calls using their WiFi connection, ahead of its expected launch before the end of this year, two sources with knowledge of the matter told Asharq Business. The WiFi calls will have the same rate as the rate set for regular calls by each network operator.

HAPPENING TOMORROW-

The second phase of tansik will kick off tomorrow and run until Saturday: The Higher Education Ministry will run the second phase of tansik — the public university enrollment system — from 20-24 August, it said in a statement yesterday. Students hoping to apply will need to have scored at least 64.64% in the sciences and 56.09% for literature.

The first phase of tansik is well under way: The Higher Education Ministry also announced the minimum thresholds for tansik’s first phase in a ministry statement yesterday.

PSA-

WEATHER- It’s another summery day in Cairo today, with a high of 36°C and a low of 26°C, according to our favorite weather app.

It’s not much cooler in Alexandria and along the North Coast, with a high of 33°C and a low of 24°C.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

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ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at the steps taken by the Madbouly government to streamline procedures, cut back on red tape, and provide more support for both local and foreign investors. Check out the story here.

CIRCLE YOUR CALENDAR-

#1- BEBA is on a mission to lure investors from the UK: The British Egyptian Business Association (BEBA) will be joined by Finance Minister Ahmed Kouchouk, Investment and Foreign Trade Minister Hassan El Khatib, CBE Deputy Governor Ramy Aboulnaga, FRA chairman Mohamed Farid, SCZone head Walid Gamal El Din, and Administrative Capital for Urban Development chairman Khaled Abbas for an upcoming three-day business mission to the UK. The mission set to take place between 18-20 September will hold events and seminars on renewables, green financing, the SCZONE, industrial parks, logistics, and more.

#2- The countdown to the EFG Hermes London Conference begins: EFG Hermes will be offering up its insights into “what is shaping and moving the region” and exploring important investments in our part of the world in its annual conference in London on 9-12 September.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

THE BIG STORY ABROAD-

The international press’ attention is squarely split between US presidential elections and the latest on ceasefire talks between Israel and Hamas, with the US and key regional players lobbying for an agreement to bring an end to Israel’s war in Gaza.

US Secretary of State Antony Blinken landed in Israel overnight, where he is set to meet with Prime Minister Benjamin Netanyahu and other Israeli officials today to push for a ceasefire, amid concerns that both Hamas and Israel are undermining the probability of successfully reaching an agreement. Blinken will next be in Cairo tomorrow, where the US, Qatar, and Egypt will resume talks to broker a ceasefire and hostage agreement to end the war.

The latest proposal from the US, Qatar, and Egypt includes a three-phase approach, starting with a temporary truce and a swap of hostages, and followed by eventually rebuilding Gaza. Netanyahu is reportedly on maintaining Israel’s military presence on the Gaza-Egypt border, which remains a significant sticking point. (Reuters | Bloomberg | Washington Post | New York Times | BBC)

Over in the US of A: Vice President Kamala Harris gears up to formally accept her presidential nomination with Tim Walz as her running mate today at the 2024 Democratic National Convention in Chicago. The DNC will run through to this Thursday. The event will feature speeches from President Joe Biden, former presidents Barack Obama and Bill Clinton, former Secretary of State Hillary Clinton, and First Lady Jill Biden. Reuters has a handy primer on the convention, while the Financial Times is following the event with live coverage. The Associated Press and NPR also have more.

PLUS- Markets have an eye on Wyoming, where global central bankers, economists and policymakers will gather at Jackson Hole for an annual meeting of central bank officials from Thursday through Saturday.

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We break down private and international universities’ tuition fees ahead of expected increases in the next academic year.

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